Don't PnF much, myself, and haven't assigned any stars to the S&P either - but, when I put up some sticks, wrap some Bollinger Bands and MAs around it, it sure don't look pretty - weekly or daily version, you've got a topping pattern followed by a sequence of expanding red bars rubbing their bottoms right into the lower bands, which look to be opening up the famous slippery slope. Daily looks especially bleak - nothing standing between here and the December (52-wk +) low (1254) - no sign yet of momentum slowing... The standard rule is that chances of success dim with each successive re-test, and this would arguably be at least the second, arguably the third or fourth.
In other words, I'd rather be short than long, but, then again, stranger things have happened than reversals precisely on the days it looks like the Earth is about to explode. |
